Goodyear Tire & Rubber Company is planning “rationalization and workforce reorganization” actions that would result in a 5 per cent reduction in salaried staff globally, or about 500 positions. According to executives, the move has been prompted by the “challenging industry environment and cost pressure driven by inflation.” However it is also attributed to weaker-than-expected fourth-quarter results:
Sumitomo Rubber Industries, which is active in Europe with its Falken brand, has published third-quarter results which show that group-wide sales fell by 16.1 per cent in the first nine months of the current year, while at the same time earnings evaporated to only a third of the previous year’s figure.
In the first quarter of 2020 Toyo Tire Corporation reported net sales of 82,094 million yen a decrease of 8,049 million yen (-9.8 per cent) compared with the first quarter of 2019. Its operating income for the quarter was 6,936 million compared to 10,174 million yen (-31.87%) in the first quarter of 2019.
Michelin reports a year-on-year rise in its net sales, operating income and net income in the first half of 2015. Net sales rose 8.5 per cent to €10.5 billion in the six months to 30 June 2015. Operating income increased 8.9 per cent to €1.3 billion, while operating margin remained constant at 12.0 per cent. At €707 million, net income was up 13.3 per cent year-on-year.
Pirelli says its first quarter 2014 performance reflects the recovery in demand within Europe that was first witnessed in the final quarter of last year along with the good health of the premium segment, where the Italian tyre maker is focused. The company also points out the positive performance of its business in Russia, where revenues bucked market treads to increase 5.4 per cent (excluding exchange rate effects) and profitability stood at “high single digit levels.”
After what it says was “a successful start to the new year,” Continental Corporation has raised its adjusted EBIT outlook. “For fiscal 2014 we intend to comfortably achieve an adjusted EBIT margin of 10.5 per cent instead of the originally advised 10.0 per cent,” announced Continental CEO Dr. Elmar Degenhart at last Friday’s Annual Shareholders’ Meeting.
Following the publication of Michelin’s first quarter 2014 revenues, which show a 2.4 per cent drop in group sales, market analysts have responded by pointing out that the 4.758 billion euro figure fell just short of the 4.765 billion euro average of expectations. Nevertheless Michelin has held to its 2014 objectives including increasing volumes 3 per cent; increasing operating income before non-recurring items; and achieving structural free cash flow of greater 500 million euros along with capital expenditure of 2 billion euros.
ITMA technical partner, Tread Ltd, reports that it has invested in expanding the services available to members. The company’s permanent test fleet now includes a magazine standard VW Polo to sit alongside its existing VW Golf, meaning that test and development of all standard tyre sizes is even easier.
In the recent J.D Power 2014 Original Equipment Tire Customer Satisfaction Study, Nexen Tire attained what the Korean tyre manufacturer described as “promising results” for the second consecutive year.
Titan has expanded its OTR product range with new Low Sidewall (LSW) options for light, medium and heavy-duty equipment. These tyres, with their larger rim diameter and smaller sidewall than standard tyres, offer improved equipment stability and performance.
Half of all road markings on England’s highways are so worn that they need replacing immediately or need to be scheduled for replacement now, according to a survey of nearly 4,000km of the country’s roads. LifeLines England, a report based on the survey carried out by the Road Safety Markings Association, and published today (13 March), found that 52 per cent of markings on motorways, 42 per cent on dual carriageways, and 48 per cent on single carriageways all need replacing immediately or need to be scheduled for replacement now. The survey, the most comprehensive published of its kind, also shows that just 16 per cent of markings on England’s motorways and 13 per cent on single carriageways make the “excellent” grade.
Newly-published third quarter results show a Stamford Tyres experienced slight decline in turnover and a marked year-on-year drop in profits during the period. In the three months ending 31 January 2014, the Singapore-based company’s revenues decreased 2.94 per cent in the quarter to S$71.7 million (£34.0 million). Gross profit was down 2.35 per cent to $16.6 million (£7.9 million). Net profit fell 62.66 per cent to S$838,000 (£397,560).
February new car registrations rose 3.0 per cent to 68,736 units; this means that the UK new car market has achieved 24 consecutive months of growth, increasing 17.4 per cent over the period. The SMMT suggests that rising GDP and growing car registrations signal increasing consumer confidence and automotive retailers are looking forward to March results as expectations rise for a strong 14-plate performance.
The 2006 launch of Starco’s Flex Pro –known simply as the ‘Flex’ back then – heralded a step forward in puncture-free tyre technology for manual applications such as wheelbarrows, and this was followed up by the Flex Lite combined tyre-wheel unit in 2011. Now the Danish company has introduced its third-generation Flex product, the Flex iCore.
Cooper Tire has released its 2013 third quarter financial report, carrying with it the scars of the failed Apollo Tyre deal and the linked issues with the Cooper Chengshan (Shandong) Tire Company (CCT) joint venture. Cooper could not report before now as a result of unrest and lack of cooperation at CCT’s Rongcheng facility in reaction to Apollo’s attempted acquisition. The company said that it will produce Q4 and full 2013 financial reports later in March.